Input Output Global Inc. (IOG), the company behind the Cardano blockchain, announced the launch of a new data-protection and privacy-centric blockchain and accompanying token on Friday at an event at Edinburgh University in Scotland.
The blockchain, dubbed “Midnight,” is one of the Cardano sidechains that will offer zero-knowledge smart contracts, which will allow parties to complete transactions without disclosing any identifying data to each other. “Dust” will be the name of the accompanying token.
According to Hoskinson, the blockchain will balance user privacy while granting authorities access to the system if permission is granted.
Hoskinson, referring to existing privacy-centric blockchains Zcash and Monero, stated that Midnight will be built in a more widely accepted programming language, allowing a broader range of developers to build on the network.
Midnight is still in development, and IOG has stated that it will continue to provide updates until 2023.
Emurgo Pte. Ltd., one of Cardano’s founding entities, also announced on Friday the launch of USDA, the network’s first fiat-backed stablecoin, in the first quarter of 2023.
In a video released ahead of his visit, Hoskinson also announced the Edinburgh Decentralization Index, which he claims will begin to measure the decentralization of cryptocurrencies in light of the FTX.com collapse.
ADA, Cardano’s native token, fell 8.2% to US$0.30 in the 24 hours to 11:10 a.m., after posting modest gains over the weekend following Friday’s event.